Majestic Wine confirms sale progress
Majestic Wine has confirmed that it is set to sell its business to CF Bacchus Holding Ltd., an entity which is managed by Fortress Investment Group, for a consideration of c.£95 Million. Majestic Wine has also negotiated the separate sale to an unconnected party of a freehold property which is expected to realise £5 million subject to planning approval and continues to negotiate with prospective buyers for Lay & Wheeler.
It is understood that Robert Cooke will become Majestic Wine's buying & merchandising director under the new ownership and that the majority of Majestic Wine's staff will enjoy continuity of employment. Meanwhile, the proceeds of the Majestic Wine transactions will be used to reduce debt and invest in the Naked Wines business whilst also returning £3.8 million to shareholders via a special dividend.
"I am delighted that we have managed to secure an independent futire for both Naked and Majestic Retail and commercial, allowing both companies to pursue growth by focusing on their unique propositions," commented Rowan Gormley, Majestic CEO. "I would like to thank all staff, customers and suppliers for their loyalty during this process. We look foward to the future and conintuing to focus on what we do best .... sharing our spectacular wines from our hundreds of talented winemakers with our customers."